The commerce department has reaffirmed its plans to launch the ‘Trade Connect’ e-platform to help exporters connect with stakeholders of international trade, as a part of the new government’s 100-day action plan, a senior government official said.
India's palm oil imports surged 74 per cent to 7,63,300 tonnes in May this year from 4,39,173 tonnes in the year-ago period, as the world's largest vegetable oil buyer stocked up the commodity to meet rising domestic demand, industry body Solvent Extractors Association (SEA) said on Thursday. The total vegetable oil imports rose to 15.29 lakh tonnes in May this year from 10.58 lakh tonnes in May 2023, it added.
India’s soyameal exports increased by about 8 per cent during the October-May period of the 2023-24 oil year on improving overseas demand, while the domestic offtake witnessed a decline during the period.
India has sufficient wheat stocks to meet domestic requirements and undertake market interventions, if required, to keep prices stable, the government said on Thursday, adding that it has no plans to alter the import duty on the grain for now.
Union minister Piyush Goyal, who officially took charge of the ministry of commerce and industry for a second consecutive term on Tuesday, asked senior government officers to build on the success of schemes such as the production-linked incentive (PLI) scheme as well as the recently signed trade deals.
